Need Help with Score

[Fixcredit2020]

I need to buy some business equipment before the end of the year. Equipment loan bank I want to work with says I need 675 Min Equifax. I do not know which version. 

Currently at 636 on EQ Fico 8. I have 61% utilization on a line of credit and 61% on a credit card. Then I have 48% on an Authorized User Navy Card. FICO says my overall Utilization is 56% Also have 5 collections that are 6 years old. 

Should I pay LOC and my Credit card down to under 30% and leave authorized user account alone? 

Is it even possible for me to get over 675 with the collections hanging on?

[FicoMike0]

Getting individual util under 29% and total under 9% should help. I doubt the Au is helping.

Do the collections show a balance? If so, that hurts more. They're close to 7 years, have you checked the dofd on them? Some of the bureaus do early exclusion.

[Fixcredit2020]

Dofd for collections range April-June 2019. Yes collections are showing balances. 

[FicoMike0]

You're in a schedule bind for the end of the year, just a little short of 7 years. You might search ex early exclusion, but I think end of the year is too soon.

The problem with paying down utilization is that the balances on collections will still count against util.

You should list full details, all accounts, balances, limits, etc, to get expert advice. There are experts who really know this stuff here, but they need all the ugly details.

You don't need a lot of points, but you don't have a lot of time before end of year.

I suppose you have considered that borrowing more with collections hanging over your head might be just digging a deeper hole.

[1lifeisworthit]

Your collections are almost certainly counting on your utilization. So I'd pay everything I can as fast as I can to lower my utilization as much as I can. Utilization is what we can manipulate quickly.

Creditors don't like seeing a balance left unpaid after 6 years. They know this means if you run into trouble you are willing to stiff them as well. They want to see that it is paid, even though it doesn't affect a score (aside from utilization)

I'd also consider not being an AU any longer, as I already have my own credit life now. No reason to borrow someone else's. Many lenders don't pay any attention to that anyway as you have no responsibility to repay, and creditors are all about repayment (understandably!)

This is the end of October. Whatever you decide to do, do it quickly. You have to leave time for reporting and updating. This indicates paying everything you can tomorrow (Monday, October 27) for any kind of rise in time to order new equipment before the end of the year.

Have you asked them which version? Most will tell you if you ask, but not everyone.

[Fixcredit2020]

I paid the LOC down to 29% and the credit card to 29% Utilization. I got a whole 6 points increase. That was disappointing. Now Fico is saying overall Utilization is 32%. Looks like i won't be getting that 675 this year.

[FicoMike0]

Getting the 32% under 29% would help. Getting it under 9% would help more. You didn't give all your details, are you eligible for the ssl trick? That's usually good for +30 points.

[Thomas_Thumb]

Gotta get that overall utilization down. Below 9% is key. Can you paydown both the CC and LOC to under 9% or payoff the LOC and drop the CC balance enough to get aggregate revolving UT under 9%?

Sometimes, with older Fico models, AU account balances count toward aggregate utilization. With newer models, Fico 8 and later, they tryically don't. Either way, I'd see if the account holder can reduce the account balance to under 29% UT.

Bold moves are required if you want to reach 675.

Btw - scores in the 740-760 range have been reported on multiple occassions by posters with 1 or 2 older collections on file.

Collections typically cost 60-90 points in aggregate. The big point gain only happens when the last one is removed.

[Fixcredit2020]

The Navy card is my wifes. It updates November 19th. It is currently at 48%. If I come off as an AU I think my overall Utilization will be 9%.  

Thats probably the only thing I can do at this point to change the scores in time. 

[Thomas_Thumb]

If your LOC and credit card remain at 29%, how does removing the AU drop aggregate UT to below 9%?